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Thread: The House Thread

  1. #601
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    Quote Originally Posted by Boydy View Post
    I've started paying more attention to house prices and mortgages and having a look around at what I could afford in Belfast. I could afford mortgage payments grand (and should be in an even better position to do so later in the year when I either get promoted and a pay rise or go elsewhere for more money) but what fucks me over is not having a deposit. Don't even need that much of a deposit here but I'm not great at saving and it's gonna take a while.

    Also don't know if I really want to commit to staying in Belfast. Still think about returning to London quite often but that's probably not a financially sensible idea.
    One of my pals is adamant we should be buying property in Belfast or Dundee as an investment because they'll expand in the future. So either you or MJ/waff can verify that.

    What's the house prices in Belfast typically boydy? 1 bed flat vs 2 bed flat?

  2. #602
    Senior Member Boydy's Avatar
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    Not really been paying that much attention to apartments as I wouldn't really want one. Inner city terraced houses could be about 100k, a bit further out and you could have a nice three bed semi for about 150k and you could have an absolute mansion for 300k+. Those are in reasonably nice areas but not the most expensive ones. There's worse places that'd be cheaper and nicer places that are way more expensive.

    My advice to you, if you're thinking of buying as an investment though would be: fuck off.

  3. #603
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    You'd get a nice TTH discount on rent.

  4. #604
    Won the Old Board Lewis's Avatar
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    My uncle has somehow acquired seven buy-to-let houses in Hull, having never spent more than seventy grand on any of them, and he reckons that when they are paid off in eight years they will provide him with an income of four grand a month. Now, he never said whether that was before or after all the costs associated with having them, but that is still pretty decent for basically doing fuck all. It can't actually be that simple can it? Why isn't everybody with some spare cash doing it?

  5. #605
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    There's a whole lot of risk with it.

    It's also being basically wiped out in Scotland as an opportunity. Second property stamp duty is horrific and they are changing the rules such that rental income (all of it) is taxable. So it'll be really difficult, for the most part, to make profit when covering a mortgage.

  6. #606
    Senior Member Boydy's Avatar
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    Good.

  7. #607
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    Quote Originally Posted by Lewis View Post
    My uncle has somehow acquired seven buy-to-let houses in Hull, having never spent more than seventy grand on any of them, and he reckons that when they are paid off in eight years they will provide him with an income of four grand a month. Now, he never said whether that was before or after all the costs associated with having them, but that is still pretty decent for basically doing fuck all. It can't actually be that simple can it? Why isn't everybody with some spare cash doing it?
    They are. Most people don't have spare cash. It's a rich gets richer policy.

  8. #608
    Senior Member Spikey M's Avatar
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    Quote Originally Posted by Lewis View Post
    My uncle has somehow acquired seven buy-to-let houses in Hull, having never spent more than seventy grand on any of them, and he reckons that when they are paid off in eight years they will provide him with an income of four grand a month. Now, he never said whether that was before or after all the costs associated with having them, but that is still pretty decent for basically doing fuck all. It can't actually be that simple can it? Why isn't everybody with some spare cash doing it?
    Most rich people are doing it. It's a large part of why houses are so expensive. Jimmy might be able to buy a house if your uncle only had 1/China hadn't bought the entirety of the South East.

  9. #609
    Senior Member Spikey M's Avatar
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    Quote Originally Posted by Foe View Post
    There's a whole lot of risk with it.

    It's also being basically wiped out in Scotland as an opportunity. Second property stamp duty is horrific and they are changing the rules such that rental income (all of it) is taxable. So it'll be really difficult, for the most part, to make profit when covering a mortgage.
    Have they capped rent prices, because I think I can see the loophole there.

  10. #610
    Won the Old Board Lewis's Avatar
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    He is hardly 'rich'. He works in a prison. They are all just secured against each other, and probably began with less than twenty grand.

  11. #611
    Custom User Title phonics's Avatar
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    Quote Originally Posted by Lewis View Post
    He is hardly 'rich'. He works in a prison. They are all just secured against each other, and probably began with less than twenty grand.
    A basic prison officer earns 27k a year at entry level in their first year. The average salary for the UK is less than that and your uncle lives in Hull. He's at the very least 'well off'

  12. #612
    Won the Old Board Lewis's Avatar
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    It still seems odd that a mini property empire is within reach for anybody doing half-alright then, since his three twat kids presumably eat into his above average prison wage.

  13. #613
    Senior Member Boydy's Avatar
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    You need at least a 25% deposit for a buy to let mortgage.

  14. #614
    Won the Old Board Lewis's Avatar
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    He must secretly be ballin' then.

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    Quote Originally Posted by Spikey M View Post
    Have they capped rent prices, because I think I can see the loophole there.
    Nah, not as far as I'm aware but it's all supply and demand. There's absolutely loads of vacant properties up here at the moment. So if you wanted to buy a bunch and set the rent massive, nobody will take it.

    Unfortunately I bought in a bubble and that bubble has burst a bit.

    Be interesting down in Glasgow or Edinburgh though, where I think the demand is eating into the supply.

  16. #616
    Custom User Title phonics's Avatar
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    Quote Originally Posted by Jimmy Floyd View Post
    I could just about do it for 135k I think (hence why the shared ownership option seems attractive). The cheapest dive one bed flats here are about 230-250k, and you're looking 280-300 for the new build one bed flats that spring up ten a penny and they clearly slightly struggle to offload. House, lol, dream on.

    My mate (married 1 kid) recently bought a 2 bed run down old disaster of a house which had had the same tramp living in it since 1972 and had woodchip and rising damp everywhere, and I think that cost him about £380,000.
    Lloyds are offering a 100% mortgage if you'd like some debt.

    https://www.theguardian.com/money/20...box=1548658752

  17. #617
    Administrator SvN's Avatar
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    That wouldn't help him at all. He's got 50k saved for a deposit - it's the fact that lenders won't give him a mortgage big enough to buy anything.

  18. #618
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    Quote Originally Posted by SvN View Post
    That wouldn't help him at all. He's got 50k saved for a deposit - it's the fact that lenders won't give him a mortgage big enough to buy anything.
    I'm bad at math but a 5% deposit as described in the article would be enough for a million pound house, no? I know he's posh but I think a million should be just about enough for a single childless man?

    My parents sold their 3 bedroom house in roundabout the same area as Jim for 2-300k in like 2008. I presume the market hasn't tripled since then?

  19. #619
    Senior Member Jimmy Floyd's Avatar
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    Ok, so let's say I'm buying a million pound house and put up my princely 50,000 deposit, I then need someone to lend me 950,000 to pay for the rest. Who is going to do that? If you know anyone do let me know.

  20. #620
    Isn't he banned? Baz's Avatar
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    Come and live in St. Helens.

    My mortgage is under £400 a month.
    I'm a twit

  21. #621
    Administrator SvN's Avatar
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    Quote Originally Posted by phonics View Post
    I'm bad at math but a 5% deposit as described in the article would be enough for a million pound house, no? I know he's posh but I think a million should be just about enough for a single childless man?

    My parents sold their 3 bedroom house in roundabout the same area as Jim for 2-300k in like 2008. I presume the market hasn't tripled since then?
    I assume you've never applied for a mortgage, or know anyone who ever has.

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    Quote Originally Posted by Jimmy Floyd View Post
    Ok, so let's say I'm buying a million pound house and put up my princely 50,000 deposit, I then need someone to lend me 950,000 to pay for the rest. Who is going to do that? If you know anyone do let me know.
    So you can't find a place for less than 350k?

  23. #623
    Senior Member Jimmy Floyd's Avatar
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    Quote Originally Posted by phonics View Post
    So you can't find a place for less than 350k?
    I can find places for 250-300, but on my salary I won't get a loan bigger than about 100k.

  24. #624
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    Quote Originally Posted by Jimmy Floyd View Post
    I can find places for 250-300, but on my salary I won't get a loan bigger than about 100k.
    Y'all need some of our 100 year asset theft loans.

  25. #625
    Won the Old Board Lewis's Avatar
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    Move an hour away and become one of them absolute cunts who you get on the news whining about their train ticket going up.

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    Quote Originally Posted by Jimmy Floyd View Post
    I can find places for 250-300, but on my salary I won't get a loan bigger than about 100k.
    I just did the math on a 1 million quid house with said deposit (without interest), you'd be paying less than I do in rent. Surely you're not on less than half what I am?

  27. #627
    Senior Member Demerit's Avatar
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    Quote Originally Posted by phonics View Post
    I just did the math on a 1 million quid house with said deposit (without interest), you'd be paying less than I do in rent. Surely you're not on less than half what I am?
    To get a £950,000 mortgage, you would have to be earning circa £200,000 a year as a salary.

    Banks will lend you on average 4.5 x your annual income. 5 If you're lucky and have a good loan to value ratio. It's even worse when you're self employed as they'll give you 4.5x your net income rather than gross.

    It's not about servicing the debt, it's about being given it in the first place.

    I'm in a similar situation where I have a £60,000 deposit but can only get a mortgage of £270,000 which combined gives me a one bedroom/studio flat in my area..

  28. #628
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    If you're on your own, you're fucked basically - unless you live "up north" where you can get a mansion for a few hundred quid.

  29. #629
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    Quote Originally Posted by Demerit View Post
    To get a £950,000 mortgage, you would have to be earning circa £200,000 a year as a salary.

    Banks will lend you on average 4.5 x your annual income. 5 If you're lucky and have a good loan to value ratio. It's even worse when you're self employed as they'll give you 4.5x your net income rather than gross.

    It's not about servicing the debt, it's about being given it in the first place.

    I'm in a similar situation where I have a £60,000 deposit but can only get a mortgage of £270,000 which combined gives me a one bedroom/studio flat in my area..
    But I mean the one above seems to be offering 500k mortgages with zero deposit. I'm asking this more out of interest, as I'm never going to be in the position of owning one until my parents die off and one side of the family seems to last into their late 90s so that'll be when I'm about 70.

  30. #630
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    Up to £500k. The appeal with that link is the lack of deposit, not the amount they're willing to lend you.

  31. #631
    Custom User Title phonics's Avatar
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    Quote Originally Posted by SvN View Post
    Up to £500k. The appeal with that link is the lack of deposit, not the amount they're willing to lend you.
    But surely if you're coming to them with 20% of 250k that Jimmy is looking for, they can work something out? If someone who's liquid without a bad credit rating can't sort this out, can we just bankrupt these people next time and get prices down to something they will lend him money for?

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    It's just not that simple. Banks won't lend someone more than they think they can afford to pay back in a reasonable time frame.

  33. #633
    Senior Member John's Avatar
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    Quote Originally Posted by phonics View Post
    But I mean the one above seems to be offering 500k mortgages with zero deposit. I'm asking this more out of interest, as I'm never going to be in the position of owning one until my parents die off and one side of the family seems to last into their late 90s so that'll be when I'm about 70.
    They'll give you that if you're earning enough to justify it. If you're earning enough to justify a hundred grand, that's what you'll get. It isn't a blanket offer, they're not giving half a million mortgages to anyone who applies.

  34. #634
    Custom User Title phonics's Avatar
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    I'm offering solutions while everyone else seems to be saying, "Eat the rich." and I'm glad we've reached consensus on a plan of action.

    Kiko and Jim probably live in the poshest urban/suburban neighbourhoods so if they could start just ISIS stabbing anyone that makes over 60k a year it should get the campaign off to a flyer.

  35. #635
    Administrator SvN's Avatar
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    Jimmy's only real option is to buy a house with someone else or move. But places within an hour of London are dramatically increasing in price too. A friend of mine made a 40% profit on his house in Winchester in 4 years.

  36. #636
    Custom User Title phonics's Avatar
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    Quote Originally Posted by SvN View Post
    Jimmy's only real option is to buy a house with someone else or move. But places within an hour of London are dramatically increasing in price too. A friend of mine made a 40% profit on his house in Winchester in 4 years.
    See Jimmy, would you rather live with another human being you'll grow to hate or join Jez's Red Army? At least you already know you hate them.

  37. #637
    Senior Member Spikey M's Avatar
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    Quote Originally Posted by phonics View Post
    I'm offering solutions while everyone else seems to be saying, "Eat the rich." and I'm glad we've reached consensus on a plan of action.

    Kiko and Jim probably live in the poshest urban/suburban neighbourhoods so if they could start just ISIS stabbing anyone that makes over 60k a year it should get the campaign off to a flyer.
    Kiko lives in a shanty town.

  38. #638
    Won the Old Board Lewis's Avatar
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    Quote Originally Posted by SvN View Post
    Jimmy's only real option is to buy a house with someone else or move. But places within an hour of London are dramatically increasing in price too. A friend of mine made a 40% profit on his house in Winchester in 4 years.
    The day they get the train to Norwich under ninety minutes their house values will skyrocket.

  39. #639
    More successful than most Magic's Avatar
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    Will be posting in this thread in a few months boys. Sept seemed like an age away yet here we are, almost in Feb.

  40. #640
    ram it up your shitpipe Giggles's Avatar
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    Quote Originally Posted by phonics View Post
    I'm bad at math but a 5% deposit as described in the article would be enough for a million pound house, no? I know he's posh but I think a million should be just about enough for a single childless man?

    My parents sold their 3 bedroom house in roundabout the same area as Jim for 2-300k in like 2008. I presume the market hasn't tripled since then?
    Not sure what it's like over there but I presume there's something similar in place to here that you can only borrow 3 x your annual salary (basic, before things like shift allowances, company cars, etc). The main difference here is that you won't be entertained at all without having 20% up front though.

  41. #641
    Senior Member Demerit's Avatar
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    Quote Originally Posted by phonics View Post
    I'm offering solutions while everyone else seems to be saying, "Eat the rich." and I'm glad we've reached consensus on a plan of action.

    Kiko and Jim probably live in the poshest urban/suburban neighbourhoods so if they could start just ISIS stabbing anyone that makes over 60k a year it should get the campaign off to a flyer.
    It's not a solution though, because lenders criteria is strict.

    It's a blanket rule, 4.5x your income. If you don't earn enough they just won't let you the money its as simple as that.

  42. #642
    Administrator SvN's Avatar
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    Nah mate, he should just INSIST they lend him the money. What are they gonna do, say no?

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    Sounds like the only option available is to eat the rich.

  44. #644
    Senior Member Jimmy Floyd's Avatar
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    I've just sent off a mortgage application on a 50% share. No real idea whether I'll get it.

    I hope I do, though, as I would rather walk through a field of glass shards than fill out another mortgage application.

  45. #645
    Senior Member Spikey M's Avatar
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    Get a mortgage advisor Jimmy. Ours was £600 (I think) but we only had to pay upon completion and he made it so much easier and ended up saving us money. He had an excel spreadsheet he could stick all of our details in that told him who was the cheapest, who would give us the most and our %age chance of being accepted. He then ran through the mortgage side of things for us right the way through.

    In other news, we had some decking put down at the back of our garden yesterday. I'm going to have a little barbecue area.

    I've also stuck a shit tonne of grass seed down because it's like a bog out there. Any bird going near them will put the lotion in the basket and get the fuck out of my garden or it gets the hose again.

  46. #646
    Administrator SvN's Avatar
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    We've decided to look to move by November. We've got a few valuations booked at our current house - we're hoping we can get £280k, but £270k would be fine. Anything below that would make things difficult.

  47. #647
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    Anyone ever laid concrete slabs (or wet concrete?) for a shed foundation? My shed is on the verge of collapse and I’m pretty sure that when it goes I’ll find a mass of uneven stone under it, and if I’m going to go to the expense of putting up a new shed I want to get the foundation right first.

  48. #648
    Senior Member niko_cee's Avatar
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    Sound the Andy alarm.

    Although, you know, do you really want to be laying concrete in the light of recent allegations?

  49. #649
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    Quote Originally Posted by niko_cee View Post
    Sound the Andy alarm.

    Although, you know, do you really want to be laying concrete in the light of recent allegations?
    To be fair, anyone laying concrete in the West Country immediately conjours up the image of Fred and Rose. So there’s never a good time per se.

  50. #650
    Isn't he banned? Baz's Avatar
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    Found this website for help with colour schemes.

    What does everyone think of that green btw? Does it remind anyone else of pubs?
    I'm a twit

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